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Glossary

Network-Enhanced Virtual Machine (NEVM)

November 21, 2023 - Around 4 mins mins to read

Network-Enhanced Virtual Machine (NEVM) is a computation protocol created by Syscoin (SYS) in collaboration with Blockchain Foundry. It combines the programmability of Ethereum’s Ethereum Virtual Machine (EVM) with the compatibility of smart contracts and the security provided by the Bitcoin network.

The NEVM brings smart contract functionality to the Bitcoin network by offering interoperability, scalability, low gas costs, and decentralized settlements secured by Bitcoin’s Proof-of-Work (PoW) security model.

The NEVM protocol eliminates the Bitcoin network’s vulnerability to “selfish mining” and introduces zero-knowledge proofs to ensure high levels of trustless interoperability and scalability on Turing-complete smart contracts.

Let’s dive deeper into the advantages and features of NEVM.

What are the advantages of NEVM?

The NEVM enables smart contracts to scale up to 210,000 transactions per second (TPS) while keeping gas costs minimal. With upcoming upgrades, NEVM is expected to achieve four million TPS, making it the fastest throughput offered by any existing layer-1 or layer-2 solution.

One of the key benefits of NEVM is its ability to scale to an arbitrary number of transactions without re-executing proofs of one-time executions. This means that as the number of transactions increases, NEVM can handle the load without sacrificing performance or increasing gas costs.

NEVM also provides high levels of fault tolerance alongside interactive data. This means that even in the event of a failure or a malicious attack, the system can continue to operate smoothly and securely. The interactive data feature allows for real-time updates and interactions between different smart contracts, providing a dynamic and flexible environment for developers and users.

Another advantage of NEVM is its trustless interoperability across individual chains. It allows different blockchain networks to communicate and interact with each other without relying on a central authority or a trusted third party. This opens up a wide range of possibilities for cross-chain transactions, collaborations, and decentralized applications (DApps).

In addition to these technical advantages, NEVM offers a comprehensive suite of tools and features through Syscoin. These include regulatory compliance for digital assets, hyper-secure transactions that can support millions of users concurrently, and fully compliant toolkits for Web3, DeFi, Metaverse, and NFT projects.

For example, NEVM enables regulatory compliance by allowing developers to define rules and restrictions for digital assets on the blockchain. This ensures that transactions involving these assets meet the necessary legal requirements and regulations. This feature is particularly important for businesses and organizations looking to leverage blockchain technology while complying with existing regulations.

Furthermore, NEVM provides hyper-secure transactions that can support millions of users concurrently. This means that even with a high volume of transactions and users, NEVM can handle the load without compromising on security or performance. This scalability is crucial for applications in industries such as finance, supply chain management, and gaming, where millions of users may be interacting with the system simultaneously.

NEVM also offers fully compliant toolkits for various blockchain use cases. Whether you’re building decentralized applications (DApps), exploring the possibilities of the Metaverse, creating decentralized finance (DeFi) solutions, or entering the world of non-fungible tokens (NFTs), NEVM provides the necessary infrastructure and tools to bring your ideas to life.

In summary, NEVM is a computation protocol that brings the programmability of Ethereum’s EVM to the Bitcoin network. It offers interoperability, scalability, low gas costs, and decentralized settlements secured by Bitcoin’s PoW security model. With its ability to scale, fault tolerance, trustless interoperability, and comprehensive toolkits, NEVM opens up new possibilities for developers and users in the blockchain space.

Who is the Author?

Jagdeep Sidhu, also known as Jag, is the chief core developer and co-founder of Syscoin, a complete Layer-1 and Layer-2 blockchain solution. He is also the CTO of Blockchain Foundry Inc., a publicly-traded company focused on expanding the enterprise adoption of blockchain technology. With two decades of software development experience, Jag specializes in blockchain technology, Machine Learning (ML), and Artificial Intelligence (AI). He holds degrees from the British Columbia Institute of Technology, majoring in AI and Digital Image Processing with a minor in Client & Server Computing.

Connect with Jag on LinkedIn.

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Glossary

Network-Enhanced Virtual Machine (NEVM)

Network-Enhanced Virtual Machine (NEVM) is a computation protocol created by Syscoin (SYS) in collaboration with Blockchain Foundry. It combines the programmability of Ethereum’s Ethereum Virtual Machine (EVM) with the compatibility of smart contracts and the security provided by the Bitcoin network.

The NEVM brings smart contract functionality to the Bitcoin network by offering interoperability, scalability, low gas costs, and decentralized settlements secured by Bitcoin’s Proof-of-Work (PoW) security model.

The NEVM protocol eliminates the Bitcoin network’s vulnerability to “selfish mining” and introduces zero-knowledge proofs to ensure high levels of trustless interoperability and scalability on Turing-complete smart contracts.

Let’s dive deeper into the advantages and features of NEVM.

What are the advantages of NEVM?

The NEVM enables smart contracts to scale up to 210,000 transactions per second (TPS) while keeping gas costs minimal. With upcoming upgrades, NEVM is expected to achieve four million TPS, making it the fastest throughput offered by any existing layer-1 or layer-2 solution.

One of the key benefits of NEVM is its ability to scale to an arbitrary number of transactions without re-executing proofs of one-time executions. This means that as the number of transactions increases, NEVM can handle the load without sacrificing performance or increasing gas costs.

NEVM also provides high levels of fault tolerance alongside interactive data. This means that even in the event of a failure or a malicious attack, the system can continue to operate smoothly and securely. The interactive data feature allows for real-time updates and interactions between different smart contracts, providing a dynamic and flexible environment for developers and users.

Another advantage of NEVM is its trustless interoperability across individual chains. It allows different blockchain networks to communicate and interact with each other without relying on a central authority or a trusted third party. This opens up a wide range of possibilities for cross-chain transactions, collaborations, and decentralized applications (DApps).

In addition to these technical advantages, NEVM offers a comprehensive suite of tools and features through Syscoin. These include regulatory compliance for digital assets, hyper-secure transactions that can support millions of users concurrently, and fully compliant toolkits for Web3, DeFi, Metaverse, and NFT projects.

For example, NEVM enables regulatory compliance by allowing developers to define rules and restrictions for digital assets on the blockchain. This ensures that transactions involving these assets meet the necessary legal requirements and regulations. This feature is particularly important for businesses and organizations looking to leverage blockchain technology while complying with existing regulations.

Furthermore, NEVM provides hyper-secure transactions that can support millions of users concurrently. This means that even with a high volume of transactions and users, NEVM can handle the load without compromising on security or performance. This scalability is crucial for applications in industries such as finance, supply chain management, and gaming, where millions of users may be interacting with the system simultaneously.

NEVM also offers fully compliant toolkits for various blockchain use cases. Whether you’re building decentralized applications (DApps), exploring the possibilities of the Metaverse, creating decentralized finance (DeFi) solutions, or entering the world of non-fungible tokens (NFTs), NEVM provides the necessary infrastructure and tools to bring your ideas to life.

In summary, NEVM is a computation protocol that brings the programmability of Ethereum’s EVM to the Bitcoin network. It offers interoperability, scalability, low gas costs, and decentralized settlements secured by Bitcoin’s PoW security model. With its ability to scale, fault tolerance, trustless interoperability, and comprehensive toolkits, NEVM opens up new possibilities for developers and users in the blockchain space.

Who is the Author?

Jagdeep Sidhu, also known as Jag, is the chief core developer and co-founder of Syscoin, a complete Layer-1 and Layer-2 blockchain solution. He is also the CTO of Blockchain Foundry Inc., a publicly-traded company focused on expanding the enterprise adoption of blockchain technology. With two decades of software development experience, Jag specializes in blockchain technology, Machine Learning (ML), and Artificial Intelligence (AI). He holds degrees from the British Columbia Institute of Technology, majoring in AI and Digital Image Processing with a minor in Client & Server Computing.

Connect with Jag on LinkedIn.

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